With three new acquisitions announced this week, Acadia Healthcare will add 17 inpatient behavioral health facilities with approximately 500 beds to its portfolio.
Acadia purchased the behavioral health operations of Care UK and its 15 inpatient facilities with approximately 300 beds. Care UK provides behavioral health services to children, adolescents and adults. In addition, Acadia completed the purchase of another U.K. inpatient behavioral health facility with 42 beds, from Choice Lifestyles.
Acadia now operates 45 inpatient facilities with approximately 1,800 beds in the U.K.
In addition, Acadia announced an agreement to purchase Belmont Behavioral Health in the greater Philadelphia market, part of the not-for-profit Einstein Healthcare Network. The purchase includes an inpatient behavioral health facility with 147 beds.
Belmont has several locations, including a neuro-mental-health clinic, and it provides a broad range of treatments for children, adolescents and adults, as well as a dedicated senior recovery outpatient therapy program that provides geriatric patients with psychological support through recovery.
According to the company, the Belmont acquisition is also representative of additional opportunities for potential U.S. acquisitions, including more transactions with non-profit healthcare providers.
Aggregate cash consideration for these facilities is approximately $145 million, the operations of which produced total revenue of approximately $82 million in 2014. Acadia completed the two acquisitions in the U.K. on June 1, 2015, and expects to complete the Belmont purchase on July 1, 2015.
“These acquisitions are consistent with our growth strategies and reflect growing demand for behavioral health services in both the U.S. and the U.K. The capital we raised from the May equity offering is being put to use quickly and effectively, as we anticipated,” said Joey Jacobs, Chairman and CEO of Acadia, in a statement.